Zhongpin announced today that it disagrees with a recent story that appeared on the GeoInvesting homepage. The article contains numerous errors of fact and is riddled with unsupported speculation, innuendo, hyperbole, sensationalism, and leaps of logic. There are so many errors in the story, that most rational readers would easily conclude that the story was heavily slanted to support the writer's short position in Zhongpin shares. Zhongpin again states that the information contained in its filings with the SEC is accurate. The Company reserves all rights to take legal action against the writer and publisher of this inaccurate and misleading story.

Zhongpin approved an increase in the stock repurchase program of 30 million of its outstanding stock over the next 12 months. The stock repurchase program is authorized to be in effect through August 17, 2012. "We have strong confidence in our growth prospects as the Chinese economy continues to grow and our industry consolidates further, and in the fundamental strengths of the Company. This substantial increase in the size of our stock repurchase program is a clear sign of our strong commitment to create value for our loyal shareholders."

We are reaffirming our prior guidance for the year 2011 and have revised only the guidance earnings per share numbers to reflect the higher average shares that are outstanding as a result of our completed offering of 5 million common shares on March 22, 2011. For the year 2011, we expect that Zhongpin's sales revenues should be within a range of US$1.18 billion to $1.23 billion. Gross profit margin is expected to be within the range of 11.7% to 12.4%. Net profit margin is expected to be within the range of 5.7% to 6.3%.

Revising only for the higher average shares expected for the year 2011, the resulting diluted earnings per share for the year 2011 is currently expected to be within the range of $1.66 to $1.91 per share, assuming average diluted common shares outstanding of about 40.5 million shares in 2011. Zhongpin believes that China's meat and food industry will continue to consolidate in 2011 at a more rapid pace than in 2010, which may result in higher market shares for our main competitors. However, we believe that Zhongpin is equipped to meet the challenge of increasing competition and that our guidance for 2011 can be achieved.